Wipro Ltd (WIT) 2024 Q1 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Wipro Limited Q1 FY '24 Earnings Call. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Dipak Kumar Bohra, Senior Vice President, Corporate Treasurer and Investor Relations. Thank you, and over to you, sir.

女士們、先生們，美好的一天，歡迎參加 Wipro Limited 24 財年第一季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。我現在將會議交給公司財務主管和投資者關係高級副總裁 Dipak Kumar Bohra 先生。謝謝您，接下來就交給您了，先生。

Thank you, (inaudible). Warm welcome to our quarter 1 financial year 2021 earnings call. We'll begin the call with the business highlights and overview by Thierry Delaporte, our Chief Executive Officer and Managing Director; followed by a financial overview by our CFO, Jatin Dalal. Afterwards, the operator will open the bridge for Q&A with our management team.

謝謝你，（聽不清）。熱烈歡迎參加我們的 2021 財年第一季度財報電話會議。我們將首先由我們的首席執行官兼董事總經理 Thierry Delaporte 介紹業務亮點和概述；接下來是我們的首席財務官 Jatin Dalal 的財務概覽。隨後，運營商將開通與我們管理團隊進行問答的橋樑。

Before Thierry starts, let me draw your attention to the fact that during this call, we may make certain forward-looking statements within the meaning of Private Securities Litigation Reform Act 1995. These statements are based on management's current expectations and are associated with uncertainties and risks, which may cause the actual results to differ materially from those expected. The uncertainties and risk factors are explained in our detailed filings with the SEC. Wipro does not undertake any obligation to update the forward-looking statements to reflect events and circumstances after the date of filing. The conference call will be archived, and a transcript will be available on our website. Over to you, Thierry.

在蒂埃里開始之前，讓我提請您注意這樣一個事實：在這次電話會議中，我們可能會做出 1995 年私人證券訴訟改革法案含義內的某些前瞻性陳述。這些陳述基於管理層當前的預期，並與不確定性和相關性相關。風險，可能導致實際結果與預期存在重大差異。我們向 SEC 提交的詳細文件中解釋了不確定性和風險因素。 Wipro 不承擔更新前瞻性陳述以反映提交日期之後的事件和情況的義務。電話會議將被存檔，會議記錄將在我們的網站上提供。交給你了，蒂埃里。

Dipak. Thank you. Hello, everyone. Welcome to our first quarter earnings call. Joining Jatin and me today are -- we have our Chief Growth Officer, Stephanie Trautman. We have our Chief Human Resources Officer, Saurabh Govil; our Chief Operating Officer, Amit Choudhary, and our Chief Technology Officer, Subha Tatavarti.

迪帕克.謝謝。大家好。歡迎參加我們的第一季度財報電話會議。今天加入 Jatin 和我的是——我們的首席增長官斯蒂芬妮·特勞特曼 (Stephanie Trautman)。我們有首席人力資源官 Saurabh Govil；我們的首席運營官 Amit Choudhary 和首席技術官 Subha Tatavarti。

I'll start today with an overview of our financials for the quarter, moving into some details of our business, the demand environment and some direction for the coming quarter, okay? Then Jatin will go into greater detail of our operational metrics. And of course, we'll be happy to answer your questions after this. So Q1 was another quarter of robust deal closure for us. In total contract value terms, we closed large deals to the tune of $1.2 billion, which is a 9% year-on-year growth and actually the highest bookings in 8 quarters.

今天我將首先概述本季度的財務狀況，然後介紹我們業務的一些細節、需求環境以及下一季度的一些方向，好嗎？然後賈廷將更詳細地介紹我們的運營指標。當然，我們很樂意在此之後回答您的問題。因此，第一季度對我們來說是又一個強勁交易完成的季度。以合同總價值計算，我們完成了約 12 億美元的大宗交易，同比增長 9%，實際上是 8 個季度以來的最高預訂量。

During this quarter, we booked 10 deals in the greater than $30 million TCV range. Total bookings from a TCV standpoint stand at USD 3.7 billion. We added two new accounts in the greater than $100 million revenue bucket, taking into account of businesses that contributes more than $100 million in revenue to $21 million. So the number of $100 million accounts has more than doubled from 10% to 21% in the last 2.5 years since we started on this transformation.

本季度，我們預訂了 10 筆 TCV 範圍超過 3000 萬美元的交易。從 TCV 的角度來看，總預訂額為 37 億美元。我們在超過 1 億美元的收入類別中添加了兩個新賬戶，考慮到貢獻收入超過 1 億美元到 2100 萬美元的企業。因此，自我們開始轉型以來，過去 2.5 年裡，價值 1 億美元的賬戶數量增加了一倍多，從 10% 增至 21%。

All around us in almost every industry, we see businesses that have been reducing discretionary spend in response to the weaker macro environment. That's had an impact on our revenues as well. In constant currency terms, Q1 revenue grew 1.1% year-on-year. This translates into a growth of 6.1% year-on-year in rupee terms. It's very much within the previously guided range. But yes, we are seeing some softness in revenues. Despite that, we have held margins steady.

在我們周圍，幾乎每個行業，我們都看到企業一直在減少可自由支配支出，以應對疲軟的宏觀環境。這也對我們的收入產生了影響。按固定匯率計算，第一季度收入同比增長1.1%。以盧比計算，同比增長 6.1%。它非常在之前指導的範圍內。但是，是的，我們看到收入有些疲軟。儘管如此，我們的利潤率仍然保持穩定。

Operating margin for the first quarter was 16%. This is 112 basis points to be precise, higher than our operating margin in the first quarter of last year. We maintained margin by mostly 3 points, improving productivity in our fixed price project, a better utilization of talent and finally, by managing our fixed costs. At the same time, we continue to invest in people and in technology to build a more agile and efficient organization. This margin resiliency is especially significant. Wipro has undertaken one of the largest enterprise-wide transformations in the industry, starting November 2020, we're proud of the progress we've made since.

第一季度營業利潤率為 16%。準確地說，這是 112 個基點，高於去年第一季度我們的營業利潤率。我們將利潤率維持在 3 個百分點左右，提高了固定價格項目的生產力，更好地利用人才，最後，通過管理我們的固定成本。與此同時，我們繼續投資於人員和技術，以建立一個更加敏捷和高效的組織。這種保證金彈性尤其重要。從 2020 年 11 月開始，Wipro 進行了業內最大的企業範圍轉型之一，我們為自此以來取得的進展感到自豪。

The success of this transformation becomes clearer when you consider the magnitude of this change. And when you see that we have continued to perform while we continued to transform. On one hand, we were aligning to market needs and on the other, undergoing a deep internal transformation. Our focus on accelerating this transformation along with maintaining undivided attention on client experience and delivery excellence will progressively translate into improved growth and margins. We have recorded an 11.5% growth in earnings per share year-on-year.

當您考慮到這一變化的幅度時，這種轉變的成功就會變得更加清晰。當你看到我們在持續轉型的同時也持續表現。我們一方面順應市場需求，另一方面也在進行深刻的內部轉型。我們專注於加速這一轉型，同時保持對客戶體驗和卓越交付的全神貫注，這將逐步轉化為增長和利潤的提高。我們的每股收益同比增長 11.5%。

Cash flow has remained strong. Cash conversion stood at 130% of net income. And finally, this quarter, we closed our largest ever buyback, allowing us to return USD 1.5 billion to our shareholders. Now our industry, like every other is undergoing a seismic shift with the advancement of artificial intelligence. AI can and will fundamentally change every aspect of business. Anticipating this revolution, Wipro had started investing and building AI capabilities over a decade ago already.

現金流依然強勁。現金轉換占淨利潤的130%。最後，本季度我們完成了有史以來最大規模的回購，使我們能夠向股東返還 15 億美元。現在，隨著人工智能的進步，我們的行業和其他行業一樣正在經歷一場巨大的轉變。人工智能能夠而且將會從根本上改變業務的各個方面。預見到這場革命，Wipro 十多年前就開始投資和構建人工智能功能。

We have delivered over 2,000 global AI engagements during this time. In fact, today, we are using generative AI for multiple use cases like enterprise knowledge mining, virtual assistance, content creation, automation software, development life cycle and for synthetic data generation. But to accelerate innovations in this space, yesterday, we announced a $1 billion investment in AI and launched a new AI first innovation ecosystem called Wipro AI 360.

在此期間，我們已經完成了 2,000 多次全球人工智能項目。事實上，今天，我們正在將生成式人工智能用於多種用例，例如企業知識挖掘、虛擬輔助、內容創建、自動化軟件、開發生命週期以及合成數據生成。但為了加速這一領域的創新，昨天，我們宣布對人工智能投資 10 億美元，並推出了名為 Wipro AI 360 的新的人工智能優先創新生態系統。

This ecosystem basically will bring together Wipro's full range of capabilities, including solutions, services, platforms, research and intellectual property as well as partnerships and talent under one umbrella with additional funding and resources to fuel our growth in this area, also placing a responsible AI operations at the heart of all our AI work. Wipro AI 360 is meant to empower our talent pool and be ubiquitous across all our operations and processes and our solutioning for clients. This AI first approach will unlock more value, productivity and commercial opportunities for our employees as well as our clients. But first, we need to train our people in this fast-moving field.

該生態系統基本上將匯集 Wipro 的全方位能力，包括解決方案、服務、平台、研究和知識產權以及合作夥伴關係和人才，並提供額外的資金和資源，以推動我們在這一領域的增長，同時還建立了一個負責任的人工智能運營是我們所有人工智能工作的核心。 Wipro AI 360 旨在增強我們的人才庫能力，並在我們所有的運營和流程以及為客戶提供的解決方案中無處不在。這種人工智能優先的方法將為我們的員工和客戶釋放更多價值、生產力和商業機會。但首先，我們需要在這個快速發展的領域培訓我們的員工。

Over the next 12 months, we will train our entire workforce, nearly 250,000 employees in AI. From [arctan] to challenges on our talent crowd platform Topcoder to dedicated trainings, we will leverage our blockchain-based ID platform to become the industry standard for AI skills credentialing. Demand for AI specialized talent will grow exponentially over the coming years. We know that and we'll be prepared. Subha is here with us today to share more on this.

在接下來的 12 個月裡，我們將對整個員工隊伍（近 25 萬名員工）進行人工智能培訓。從 [arctan] 到我們的人才群體平台 Topcoder 上的挑戰，再到專門的培訓，我們將利用我們基於區塊鏈的 ID 平台成為人工智能技能認證的行業標準。未來幾年，對人工智能專業人才的需求將呈指數級增長。我們知道這一點，我們會做好準備。 Subha 今天與我們一起分享更多相關內容。

Now I'd like to talk through our strategic market unit performances as always. In Americas 1, order bookings in terms of total contract value grew 37% year-on-year. Revenues for the quarter grew 1.5% year-on-year in constant currency terms. This revenue growth was led by healthcare medical devices at 9%, followed by Consumer Goods and Life Sciences at 7% each. High-tech and BFSI are the two sectors that were impacted the most due to softer discretionary spends. As a result, our Americas 2 market declined 2.7% year-on-year in Q1.

現在我想一如既往地談談我們的戰略市場部門的表現。在美洲1，訂單預訂量（按合同總價值計算）同比增長37%。按固定匯率計算，本季度收入同比增長 1.5%。這一收入增長由醫療保健設備帶動，增長了 9%，其次是消費品和生命科學，各增長了 7%。由於可自由支配支出疲軟，高科技和 BFSI 是受影響最大的兩個行業。因此，我們的美洲2市場在第一季度同比下降了2.7%。

Our European business unit delivered a year-on-year revenue growth of 4% in Q1. This revenue growth was led by Southern Europe and Nordics which grew 26% and 14%, respectively, in the first quarter. In our APMEA business, bookings in total contract value terms are looking healthy with a 23% quarter-on-quarter growth. Revenues for the quarter grew at 3% year-on-year. Within this SMU, our Indian business grew 7%, and our Middle East business grew 6.4% year-on-year.

我們的歐洲業務部門第一季度收入同比增長 4%。這一收入增長主要由南歐和北歐地區帶動，第一季度分別增長了 26% 和 14%。在我們的 APMEA 業務中，合同總價值方面的預訂看起來很健康，季度環比增長了 23%。該季度收入同比增長3%。在這個SMU中，我們的印度業務同比增長7%，中東業務同比增長6.4%。

In Q1, we also completed the transition to the 4 global business line model that we had announced earlier in the year. This evolution of our business model, is actually already showing up as faster time to market but also more inclusive one Wipro customer and delivery wins. Whatever challenges our clients may have the solution exist within our global ecosystem. And we are tapping into the talent, the capabilities and the solution from every corner of our firm. We are increasingly able to build bespoke solutions for clients, and that's what is setting us apart. Ultimately, our focus is and always will be on serving our clients with greater innovation with attention to detail and with excellence.

在第一季度，我們還完成了向今年早些時候宣布的全球 4 條業務線模式的過渡。我們業務模式的這種演變實際上已經表現為更快的上市時間，而且更具包容性，Wipro 客戶和交付獲勝。無論我們的客戶面臨什麼挑戰，我們的全球生態系統中都存在解決方案。我們正在利用公司各個角落的人才、能力和解決方案。我們越來越有能力為客戶構建定制解決方案，這就是我們的與眾不同之處。最終，我們的重點始終是通過更大的創新、對細節的關注和卓越來為客戶提供服務。

Great example of this is our recent win with a global digital interactive entertainment leader. Wipro will modernize their network infrastructure, delivering improved responsiveness and user experience. We will drive scalability to handle increased workloads and reinforce end-user security, all the while creating a platform that supports the clients' expansion plans. This project brings together Wipro's architecture, consulting, cloud migration, implementation and managed services capabilities. This win is also a good example of how Wipro can bundle solutions from multiple partners to deliver a wide range of capabilities that are tailored to our clients' needs.

我們最近與一家全球數字互動娛樂領導者的合作就是一個很好的例子。 Wipro 將對其網絡基礎設施進行現代化改造，提高響應能力和用戶體驗。我們將推動可擴展性，以處理增加的工作負載並加強最終用戶的安全性，同時創建一個支持客戶擴展計劃的平台。該項目匯集了 Wipro 的架構、諮詢、雲遷移、實施和託管服務能力。這次勝利也是 Wipro 如何捆綁多個合作夥伴的解決方案以提供根據客戶需求量身定制的廣泛功能的一個很好的例子。

In terms of the demand environment, in some ways, we are seeing tech investment normalize after the sharp acceleration in spending during the second part of the pandemic. More and more, clients are expecting faster return on investments and optimizing costs through increased use of automation and vendor consolidation. In parallel, we continue to see solid demand in high-growth areas like cloud transformation. Clients are seeking out Wipro's FullStride cloud capabilities for the next phase of their cloud strategy.

就需求環境而言，在某些方面，我們看到科技投資在疫情第二階段支出急劇加速後趨於正常化。越來越多的客戶期望通過增加自動化和供應商整合的使用來更快地獲得投資回報並優化成本。與此同時，我們繼續看到雲轉型等高增長領域的強勁需求。客戶正在尋求 Wipro 的 FullStride 雲功能來實施下一階段的雲戰略。

We are helping them run more efficient and agile businesses and capitalize on the emerging opportunities presented by artificial intelligence. For example, a large global medical device and a healthcare company has selected Wipro to transform their operations infrastructure into a modern cost-effective and cloud-first model. Wipro FullStride cloud will deliver a consistent and omnichannel workplace for 120,000 employees in 160 countries. We will help this client achieve 40% automation, cost optimization and while simplifying the global operations. Now we are able to do all of this and more thanks to our 250,000 associates around the world.

我們正在幫助他們運營更高效、更敏捷的業務，並利用人工智能帶來的新興機遇。例如，一家大型全球醫療設備和一家醫療保健公司選擇 Wipro 將其運營基礎設施轉變為具有成本效益的現代云優先模型。 Wipro FullStride 雲將為 160 個國家/地區的 120,000 名員工提供一致的全渠道工作場所。我們將幫助該客戶實現 40% 的自動化、成本優化，同時簡化全球運營。現在，我們能夠做到這一切以及更多，這要歸功於我們遍布全球的 250,000 名員工。

We want to see them succeed in their roles and their career. As part of our transformation, we've continued to work on various aspects of employee experience with several new initiatives to streamline policies to streamline processes, talent support and training and development opportunities. We also want to make sure employee's voice and concerns are heard. Our 2023 employee engagement survey showed an overall engagement of 88%, which is higher than before and now, benchmarks us to global standards on employee experience.

我們希望看到他們在自己的角色和職業生涯中取得成功。作為轉型的一部分，我們繼續致力於員工體驗的各個方面，採取了多項新舉措來簡化政策、簡化流程、人才支持以及培訓和發展機會。我們還希望確保員工的聲音和擔憂得到傾聽。我們的 2023 年員工敬業度調查顯示，整體敬業度為 88%，高於以前和現在，這使我們在員工體驗方面達到了全球標準。

We're also named one of India's best companies to work for by the Great Place to Work Institute for the second year in a row, but that, to me, stable stakes. We must and we will continue to improve how Wipro is experienced by our employees. Because all of these efforts, attrition has continued to moderate quarter-on-quarter, coming in at in 8 quarter low of 14% in the first quarter. I'm confident that our long-term business strategy is correct and well suited to ride the changes we predict in the industry.

我們還連續第二年被最佳工作場所研究所評為印度最適宜工作的公司之一，但對我來說，這是穩定的利益。我們必須而且將繼續改善 Wipro 員工的體驗。由於所有這些努力，員工流失率繼續逐季放緩，第一季度降至 14%，是 8 個季度的最低點。我相信我們的長期業務戰略是正確的，並且非常適合我們預測的行業變化。

Most importantly, I believe our business strategy will keep us competitive and resilient in the future. Final word as always, on our guidance before I close, for the next quarter, we are guiding for a sequential growth of minus 2% to plus 1% in constant currency terms. We expect margins to be in a similar range as in the last few quarters.

最重要的是，我相信我們的業務戰略將使我們在未來保持競爭力和彈性。與往常一樣，在我結束之前的最後一句話中，我們預計下個季度的環比增長率按固定匯率計算為負 2% 至正 1%。我們預計利潤率將與過去幾個季度的水平相似。

With that, let me turn it over to Jatin for his comments.

接下來，讓我將其轉交給賈廷徵求他的意見。

Thank you, Thierry, and good evening, good morning, everyone. I'll summarize our performance for quarter 1. We grew 6% year-on-year in revenue terms. We kept -- we improved our operating margin by 112 basis points year-on-year result -- as a result, we grew 14% on operating profit terms. Our other income was one of the highest in recent quarters. We grew at 110% year-on-year. Our tax rate went up slightly higher and effective tax rate was 24%. As a result, our net profit year-on-year grew 12%.

謝謝蒂埃里，大家晚上好，早上好。我將總結我們第一季度的業績。就收入而言，我們同比增長了 6%。我們的營業利潤率同比提高了 112 個基點，因此營業利潤增長了 14%。我們的其他收入是最近幾個季度最高的收入之一。我們同比增長了 110%。我們的稅率略有提高，有效稅率為24%。結果，我們的淨利潤同比增長12%。

Let me talk about cash flows and ForEx. We continue to convert our profits into healthy cash flows. Our operating cash flow for the quarter was 130% of our net income and free cash flow at 126%. We had, after completion of buyback, $3.5 billion of gross cash and $1.7 billion of net cash in the beginning of this quarter. Our ForEx -- the realization rate was quite healthy and improved at 81.90 for quarter 1, and we had $3.6 billion of ForEx hedges at the end of the quarter. We'll be very happy to take your questions.

讓我談談現金流和外匯。我們繼續將利潤轉化為健康的現金流。本季度我們的運營現金流占淨利潤的 130%，自由現金流佔 126%。回購完成後，本季度初我們擁有 35 億美元的總現金和 17 億美元的淨現金。我們的外匯——第一季度的變現率相當健康，達到 81.90，截至本季度末，我們擁有 36 億美元的外匯對沖。我們很樂意回答您的問題。

(Operator Instructions) We have a first question from the line of Sudheer Guntupalli from Kotak Mahindra AMC.

（操作員說明）我們收到來自 Kotak Mahindra AMC 的 Sudheer Guntupalli 的第一個問題。

Thierry, just a bit on the macro one, like during some of the previous downturns. This time around, many of the macro variables are continuing to be surprisingly resilient, both in U.S. and in Europe, except for a brief period of panic around the regional banking crisis. So based on your client conversations, what is the key concern or key variable that you're gathering? Could it be the end of the rate hike cycle? Or what else could drive a return on the spend? And if you were to second guess how quick that would be.

蒂埃里，稍微談一下宏觀方面的問題，就像之前的一些經濟低迷時期一樣。這一次，除了圍繞地區銀行危機的短暫恐慌之外，美國和歐洲的許多宏觀變量都繼續保持出人意料的彈性。那麼，根據您與客戶的對話，您收集到的關鍵問題或關鍵變量是什麼？這可能是加息週期的結束嗎？或者還有什麼可以推動支出回報？如果你再猜猜那會多快。

Yes, Sudheer, I really like the question you just asked. I think it's a real one. And so let me try to respond to that. Interactions with clients have more or less, I would say, a similar pattern, which is that on one hand, there is -- no one question the fact that technology is critical to the success of the evolution of the company, whatever the industry is, by the way. Second, I think it's the recognition of the fact that over the last years, there has been massive investment made in technology.

是的，Sudheer，我真的很喜歡你剛才問的問題。我認為這是真的。讓我嘗試對此做出回應。我想說，與客戶的互動或多或少有一個類似的模式，那就是，一方面，沒有人質疑這樣一個事實，即無論行業是什麼，技術對於公司發展的成功至關重要。 ， 順便一提。其次，我認為這是對過去幾年在技術方面進行了大量投資這一事實的認識。

Now -- and third is certainly the fact that macro economy continues to shed a little bit of mixed messages to those industries and to the leaders across those industries. And so at the end of the day, I've always been very confident on the fact that technology was on top of each of these leaders agenda and that they have a lot of transformation programs in mind to drive. And at the same time, they are a little influenced, and I think it's even more than influence, they are very aware of the fact that this climate of uncertainty is weighing on some potential decisions for company to continue the same volume of investment.

現在，第三個肯定是宏觀經濟繼續向這些行業以及這些行業的領導者傳達一些複雜的信息。因此，歸根結底，我一直非常有信心，因為技術是每個領導者議程中的首要任務，並且他們有很多轉型計劃需要推動。與此同時，他們受到了一點影響，我認為這不僅僅是影響，他們非常清楚這樣一個事實，即這種不確定性的氣氛正在影響公司繼續進行相同規模投資的一些潛在決策。

So they have made some choices. And I think there's a certain level of cautiousness driven by the fact that the macro environment is still a little uncertain. So that's what I'm hearing. And that's probably -- what we're observing is actually a reflection of that, Sudheer. I think that when we look at the type of deals we are winning. We are winning more deals than ever before. And that has been consistent for the last 3 or 4 quarters.

所以他們做出了一些選擇。我認為，由於宏觀環境仍然存在一些不確定性，因此存在一定程度的謹慎。這就是我所聽到的。 Sudheer，我們所觀察到的實際上可能是這一點的反映。我認為，當我們審視我們正在贏得的交易類型時。我們贏得的交易比以往任何時候都多。過去三四個季度的情況一直如此。

Every quarter, when we look at our TCV, performance is actually solid. And I think you all have this question about the conversion to revenue. The answer is -- the reality is that while we close all these deals, and they respond to ambition from clients. There is a reduction of what I would -- what we all call the discretionary spend, which are typically smaller deals, shorter period and where it's probably easier for less strategic for clients to put a stop to it for some time, and so that's what we are seeing.

每個季度，當我們查看 TCV 時，都會發現表現實際上很穩定。我想你們都有這個關於收入轉換的問題。答案是——現實情況是，雖然我們完成了所有這些交易，但它們對客戶的雄心壯志做出了回應。我會減少我們所說的可自由支配支出，這些支出通常是規模較小的交易，週期較短，對於缺乏戰略性的客戶來說，可能更容易停止一段時間，所以這就是我們正在看到。

The second question is about, is there perspective, what about the second half of the year? Again, really reflecting on my discussion with clients. There could be a point in time where they feel okay. We have this budget that we haven't spent yet. The year has unfolded being possibly better than feared. So it's time for us to resume the investments or the spend. And we are getting prepared for that. And whenever it happens, we'll be ready for that.

第二個問題是，有沒有前景，下半年怎麼樣？再次，認真反思我與客戶的討論。他們可能會在某個時間點感覺良好。我們有這筆預算還沒有花完。今年的情況可能比擔心的要好。因此，現在是我們恢復投資或支出的時候了。我們正在為此做好準備。無論何時發生，我們都會做好準備。

But knowing if it is going to happen in a month or 2 or 3 or 4, that I don't know. I am being -- I'm staying cautious in the way I'm projecting an evolution of this market in which we've been for the last 6 months and obviously, keeping a very, very close focus on it, we'll see. But for the time being, I would say the market we see is not dramatically different from the market we saw 3 months ago. Back to you, Sudheer.

但我不知道這是否會在一個月、兩個月、三個月或四年內發生。我在預測這個市場的演變時保持謹慎，過去 6 個月我們一直在其中，顯然，我們將非常非常密切地關注它，我們會看到。但就目前而言，我想說我們看到的市場與三個月前的市場沒有太大不同。回到你身邊，蘇德希爾。

Got it, Thierry. Just an extension of that, is the panic around the banking crisis completely behind us? And going forward, do you foresee that there can only be an improvement in the demand situation from where we are, assuming macro variables remain reasonably stable?

明白了，蒂埃里。延伸一下，圍繞銀行危機的恐慌是否已完全過去？展望未來，您是否預見到，假設宏觀變量保持相當穩定，需求狀況只會比我們現在的情況有所改善？

I mean there will be -- again, predicting the future. We've been, over the last 2 years, a bit shaken up by some macro elements that we could not necessarily predict. And that has had a massive impact on a lot of what has happened after. So I'm -- by definition, I'll be cautious on that. But I think that a lot of banks still have reasonably good fundamentals. And they are very aware of the importance of technology for their own transformation. And so yes, it will resume at some point in time. It will restart with a lot of, in particular, a lot of the consulting activities that have been reduced and where they will need to launch those large program, aiming at improving the efficiency of the organization and their KPIs and ratios.

我的意思是，將會再次預測未來。在過去的兩年裡，我們對一些我們無法預測的宏觀因素感到有些震驚。這對後來發生的很多事情產生了巨大的影響。所以我——根據定義，我會對此保持謹慎。但我認為很多銀行仍然擁有相當良好的基本面。並且他們非常清楚技術對於自身轉型的重要性。是的，它會在某個時間點恢復。它將重新開始，特別是大量已經減少的諮詢活動，他們將需要啟動那些大型計劃，旨在提高組織的效率及其 KPI 和比率。

Got it, Thierry. Just one quick one. The $1 billion investment commitment in AI over 3 years, is it fair to assume it will be largely in the M&A route?

明白了，蒂埃里。就快一點吧。三年內對人工智能的 10 億美元投資承諾，是否可以假設大部分投資將通過併購途徑？

No, it's not fair. Actually, it is -- the majority of it will be organic. So this is organic. It is investment that we are already engaging now, and we will accelerate it steadily over the next 3 years -- not 3 quarters, 3 years. Yes, there is in there, a bit of budget for M&A, but we do not suspend, if you like, the progression that we want to drive over the next 3 years to acquisition. It will come as a complement or as an acceleration, but we're already in action now.

不，這不公平。事實上，大部分都是有機的。所以這是有機的。這是我們現在已經在進行的投資，我們將在未來三年內穩步加速——而不是三個季度、三年。是的，其中有一些併購預算，但如果您願意，我們不會暫停我們希望在未來 3 年內推動收購的進程。它將作為補充或加速出現，但我們現在已經在行動了。

We have our next question from the line of Nitin Padmanabhan from Investec.

我們的下一個問題來自 Investec 的 Nitin Padmanabhan。

I had a couple. So first, Thierry, if you think about the cut in discretionary versus let's say, the lower ACV of deals versus what we would have seen in the prior 2 years, which do you think is a more significant driver of the weakness? Is it equally weighted, or is one higher than the other? So that's the first question.

我有一對。首先，蒂埃里，如果你考慮一下可自由支配的削減，比如說，交易的 ACV 相對於我們在前兩年看到的較低，你認為哪個是疲軟的更重要的驅動因素？它的權重是否相等，還是一個比另一個高？這是第一個問題。

The second is how are Capco and Rizing sort of faring in the current environment? And finally, Jatin, your thoughts on margins going forward and what you're thinking about -- how are you thinking about compensation increases, because we hear a couple of companies actually sort of pushing it out or sort of doing away with some of it. And so I just wanted your thoughts on these 3 things.

第二個問題是 Capco 和 Rizing 在當前環境下的表現如何？最後，Jatin，您對未來利潤率的看法以及您正在考慮的事情 - 您如何看待薪酬增加，因為我們聽說有幾家公司實際上正在取消或取消其中一些薪酬。所以我只想知道你對這三件事的看法。

So okay. So Nitin, so the first question was on -- actually, I'm not sure I can easily answer your question, whether it's discretionary or ACV. By definition, what is ACV and not showing the difference with TCV is, by definition, short-term deals. And that includes mostly discretionary spend. So I would say you can call it the way you want. Those are short-term deals, right, versus large deals, basically, okay? So that's -- I don't know, Jatin, do you have a better way to answer this first question? No. The second one is about Capco and Rizing. Same comment I would have made, I'm sure I have made a quarter ago. It's a consulting business. There's where there's a lot of discretionary spend. It's a little harder these days that it was some quarters ago.

那麼好吧。 Nitin，第一個問題是——實際上，我不確定我能否輕鬆回答你的問題，無論是自由裁量權問題還是 ACV 問題。根據定義，什麼是 ACV，不顯示與 TCV 的區別，根據定義，就是短期交易。這主要包括可自由支配的支出。所以我想說你可以按照你想要的方式稱呼它。這些都是短期交易，對吧，而不是大型交易，基本上，好嗎？所以，我不知道，Jatin，你有更好的方法來回答第一個問題嗎？不，第二個是關於 Capco 和 Rizing 的。我肯定會在四分之一前發表同樣的評論。這是一個諮詢業務。那裡有很多可自由支配的支出。與幾個季度前相比，現在的情況有點困難。

It doesn't change at all the strategic nature of these deals. And I think it is always been clear for us that these were investment for the future and not tactical. So you have -- we know consulting our early cycle type of business. And that's what we are seeing. Having said that, actually, again, one, the fundamentals are good. Second, I take the example of rising because that's the last addition to our organization when was that a year ago. Yes, about a year ago. So a good year go.

它根本沒有改變這些交易的戰略性質。我認為我們一直很清楚，這些是對未來的投資，而不是戰術性的。所以你有——我們知道諮詢我們的早期週期類型的業務。這就是我們所看到的。話雖如此，實際上，再說一遍，基本面是好的。其次，我以上升為例，因為這是我們組織最後一次增加成員，那是一年前的事了。是的，大約一年前。那麼，美好的一年就這樣過去吧。

Frankly, the traction it gets in our SAP business is beyond our expectation at the time of the acquisition. There's no doubt whether it's in our -- the way we are able to develop true strategic [level] of exchange with SAP or in the way we are going for large transformation, large deals in SAP that Rizing has been great addition to the fab. So that's the second one. The third one, I'm always tempted to respond on margin. For some reason, we always ask the CFO on margin. Go ahead, Jatin.

坦率地說，它對我們 SAP 業務的吸引力超出了我們收購時的預期。毫無疑問，無論是我們能夠與 SAP 建立真正的戰略 [級別] 交流的方式，還是我們在 SAP 中進行大型轉型、大宗交易的方式，Rizing 都對晶圓廠起到了重要作用。這是第二個。第三，我總是想做出邊際回應。出於某種原因，我們總是向首席財務官詢問保證金。繼續吧，賈廷。

Okay. So Nitin, first, what I want to share is in quarter 1, despite a significant volatility in revenue, we have done well to stay flat on operating margins. And that was because of a variety of operational levers that we were able to manage very well, including improvement in utilization, which would have been, as you can imagine, quite difficult in such a revenue scenario.

好的。因此，Nitin，首先，我想分享的是第一季度的情況，儘管收入大幅波動，但我們在運營利潤率上保持平穩方面做得很好。這是因為我們能夠很好地管理各種運營槓桿，包括提高利用率，正如您可以想像的那樣，在這樣的收入情況下，這將是相當困難的。

As we enter quarter 2, we definitely want to hold on to this trajectory. And we will continue to leverage the efforts that we have taken in quarter 1 to continue with the same consistency in quarter 2. As Saurabh mentioned in the press release, as we have spoken about it earlier today, we did our last salary increase in September of last year, and we plan to do that for this year some time in quarter 3. So at least for quarter 2, that's not something that we are penciling in at this point in time.

當我們進入第二季度時，我們肯定希望保持這一軌跡。我們將繼續利用第一季度所做的努力，在第二季度繼續保持同樣的一致性。正如 Saurabh 在新聞稿中提到的，正如我們今天早些時候談到的那樣，我們上次加薪是在 9 月份去年，我們計劃在今年第三季度的某個時候這樣做。因此，至少在第二季度，這不是我們目前正在計劃的事情。

Sure, Jatin. So on the utilization, you think you have more room because it already seems to be maxed out. So would you need to start hiring in anticipation of demand, maybe 6 months down or...

當然，賈廷。因此，在利用率方面，您認為您有更多空間，因為它似乎已經被最大化。那麼，您是否需要根據需求開始招聘，可能需要 6 個月的需求，或者……

Nitin, next to me is Amit, our COO, who is obviously driving the utilization up. So Amit, over to you.

Nitin，我旁邊的是我們的首席運營官 Amit，他顯然正在推動利用率的提高。阿米特，交給你了。

Thank you, Thierry. And thank you, Nitin. Yes, utilization clearly is going to continue to be a KPI that we'll keep driving. We are also looking at different components of utilization, not only the aggregate number in terms of location, in terms of seniority. So yes, there is still some room to drive our utilization up from where we are.

謝謝你，蒂埃里。謝謝你，尼廷。是的，利用率顯然將繼續成為我們將繼續推動的關鍵績效指標。我們還在研究利用率的不同組成部分，而不僅僅是位置和資歷方面的總數。所以，是的，我們的利用率仍然有一些提升的空間。

We have our next question from the line of Gaurav Rateria from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Gaurav Rateria。

So first question is for Thierry. The success of strategy pursued by us is pretty well reflected in our higher win rates, large deal closures and even better TCVs. But when we really compare revenue growth versus some of the peers, there is still a divergence. So how do we really explain this? Is this more to do with the portfolio mix or any other factor that could explain this gap?

第一個問題是問蒂埃里的。我們所追求的戰略的成功很好地體現在我們更高的勝率、大量交易的完成以及更好的 TCV 中。但當我們真正將收入增長與一些同行進行比較時，仍然存在差異。那麼我們該如何解釋這一點呢？這是否更多地與投資組合組合或任何其他可以解釋這一差距的因素有關？

Gaurav, as you can imagine, I run Wipro, and I'm with this leadership team working on driving the performance of Wipro in the right direction. We are focusing on our priorities. We are focusing on our journey. We have -- I mean just look at yourself, the growth -- the profile of growth of Wipro over the last 3 years. And what the most important point is, as it's been a change to the previous trend of growth of this organization.

Gaurav，正如你所想像的那樣，我負責管理 Wipro，我和這個領導團隊一起努力推動 Wipro 的業績朝著正確的方向發展。我們專注於我們的優先事項。我們專注於我們的旅程。我們有——我的意思是看看你自己，增長——Wipro 在過去三年的增長概況。而最重要的一點是，這改變了這個組織以往的增長趨勢。

I'm not sure I would -- I'm not going to benchmark our performance every quarter against every other company in our industry. We have our own journey. We have engaged our transformation 3 years ago. We are working on many different aspects of our progression, if you like. Growth has been solid, double-digit 2 years in a row. Yes, there is a slowdown. It's a reality for everyone, if you want to -- me to refer to reflect on others as well. And I think that's what I'm seeing.

我不確定我會——我不會每個季度都將我們的業績與行業內的所有其他公司進行比較。我們有自己的旅程。我們三年前就開始轉型。如果您願意的話，我們正在努力推進我們進步的許多不同方面。增長穩健，連續兩年實現兩位數增長。是的，速度有所放緩。這對每個人來說都是現實，如果你願意——我也想反思一下其他人。我想這就是我所看到的。

Having said that, I believe that we are, every day, becoming more impactful in the market. As you said, it's visible in the deals that we have closed, the large deals that we have closed. It's also visible in the way we are growing our large account, and that is we're showing that our account strategy has been paying off every single quarter for the last 10 quarters. We have doubled the number of $100 million account in 2.5 years. And again, I think it's a testament to the ability of the company to grow when we are focused, whether it is in terms of account, in terms of sector or markets.

話雖如此，我相信我們在市場上的影響力每天都在變得越來越大。正如你所說，這在我們已經完成的交易、我們已經完成的大型交易中是顯而易見的。從我們發展大客戶的方式中也可以看出這一點，那就是我們正在展示我們的客戶策略在過去 10 個季度的每個季度都得到了回報。 2.5 年內，我們的 1 億美元賬戶數量增加了一倍。再說一次，我認為這證明了當我們專注時，公司有能力成長，無論是在客戶方面、在行業方面還是在市場方面。

Great. Second question is regarding the investment committed for generative AI. How are we going to fund this investment? And if we can quantify this would have any implications on our longer-term margin aspirations?

偉大的。第二個問題是關於生成人工智能的投資。我們將如何為這項投資提供資金？如果我們能夠量化這會對我們的長期利潤期望產生什麼影響？

Gaurav, so funding is -- it's funded by the operations, to be clear. So this is in our plan. It's baked into our plan. Amit explained to you a few minutes ago that there's a lot going on in terms of improving the efficiency of our operations or what we call our operational excellence, whether it's in the way we are injecting more automation and AI into our delivery to be more efficient or whether it is in the way we are -- streamlining of our operations, reducing the layers and just being more nimble and more agile as an organization.

Gaurav，需要明確的是，資金是由運營部門提供的。所以這在我們的計劃中。它已納入我們的計劃中。幾分鐘前，阿米特向您解釋說，在提高我們的運營效率或我們所說的卓越運營方面，我們正在做很多工作，無論是我們在交付中註入更多自動化和人工智能以提高效率或者是否是我們現在的方式——簡化我們的運營，減少層級，讓組織變得更加靈活和敏捷。

All of that is driving operational improvements that we are reinjecting in our future. And we've never compromised on our development, our mid- to long-term strategy. We've never compromised on the obsession for our clients and for excellence in delivery. And AI, obviously, is an investment, but also a gigantic market for us. And so that's how we look at it. And so you should look and consider that, because we consider we are positioned -- well positioned in that market, that it will trigger revenue growth and profitability over the next quarters. Jatin, do you want to add anything to that?

所有這些都正在推動我們在未來重新註入的運營改進。我們在發展、中長期戰略上從來沒有妥協過。我們對客戶的執著和卓越的交付從未妥協。顯然，人工智能對我們來說是一項投資，也是一個巨大的市場。這就是我們的看法。因此，您應該關注並考慮這一點，因為我們認為我們在該市場中處於有利地位，它將在未來幾個季度引發收入增長和盈利能力。 Jatin，你想補充什麼嗎？

No, Thierry.

不，蒂埃里。

We have our next question from the line of Girish Pai from Nirmal Bang Equities.

我們的下一個問題來自 Nirmal Bang Equities 的 Girish Pai。

Considering the demand environment, how would you characterize the competitive intensity that you see in the market today compared to, say, 3 -- say, 6 months back?

考慮到需求環境，與 3 至 6 個月前相比，您如何描述當今市場的競爭強度？

Competitive activity.

競爭活動。

Competitive intensity.

競爭強度。

So it is a very competitive environment as we look to renew our existing book of business and acquire new clients with new opportunities. Of course, we're finding ourselves in situations where we really have to differentiate our value proposition and drive more value for our customers. We're winning against all of our competitors. If you look at our large deal wins this quarter. It was pretty mixed in terms of what we were winning and who we're winning against. So I think as Thierry mentioned, our strategy is really paying off. we're better poised to be highly competitive and a true transformation partner with our clients, and that's showing up in our wins.

因此，這是一個競爭非常激烈的環境，因為我們希望更新現有的業務並通過新的機會獲得新客戶。當然，我們發現自己確實必須使我們的價值主張與眾不同並為客戶創造更多價值。我們正在戰勝所有競爭對手。如果你看看我們本季度贏得的大筆交易。就我們贏得的勝利和我們的對手而言，情況相當複雜。所以我認為正如蒂埃里提到的，我們的策略確實得到了回報。我們已做好充分準備，成為客戶的高度競爭力和真正的轉型合作夥伴，這也體現在我們的勝利中。

Is the higher competitive intensity impacting pricing as we speak right now? Or is the customer able to extract sweeter deals from you in terms of larger productivity benefits down the road?

正如我們現在所說，更高的競爭強度是否會影響定價？或者客戶是否能夠從您那裡獲得更優惠的交易，從而在未來獲得更大的生產力優勢？

Jatin?

賈廷？

Yes, Girish, hope you are well. No. The answer right now is yes, I mean, in sense that there is nothing unusual that we see on large deals that we don't normally notice. Obviously, if there is a $200 million or $300 million deal, you would benchmark it with the best standards on productivity, best standards on pricing. But that is not out of ordinary behavior of dropping prices or giving deferrals in billing, et cetera. Those behaviors, we have not yet observed that would worry us.

是的，吉里什，希望你一切都好。不。我的意思是，現在的答案是肯定的，從某種意義上說，我們在大額交易中沒有看到任何我們通常不會注意到的異常情況。顯然，如果有一筆 2 億美元或 3 億美元的交易，你會以最佳的生產力標準、最佳的定價標準來衡量它。但這並不是降價或推遲計費等異常行為。我們還沒有觀察到那些讓我們擔心的行為。

Okay. Lastly, on generative AI, there have been -- there's been mixed commentary around deflationary impact of this on at least certain service lines. What's your take on this and how early or late to this happens, if at all it happens?

好的。最後，關於生成式人工智能，圍繞其至少對某些服務領域的通貨緊縮影響，存在不同的評論。您對此有何看法？如果真的發生的話，這種情況發生的時間是早還是晚？

Yes. So Girish, your specific question is, does generative AI already -- I mean, is it already reflecting in reduction in revenue and potential head count for the GBLs, for our service lines?

是的。因此，Girish，你的具體問題是，生成式人工智能是否已經反映出我們服務線的收入和 GBL 潛在人員數量的減少？

No. I'm saying, will the productivity gains that people claim or there's been claims around it, will that be entirely passed on to customers, resulting in some kind of revenue compression in the times ahead?

不，我是說，人們聲稱的生產力提高或圍繞它的說法是否會完全轉嫁給客戶，從而導致未來某種形式的收入壓縮？

Yes. So Girish, we haven't seen that yet. But as you already know that every competitive deal goes with a certain assumptions of year-on-year productivity numbers that are baked in, and those numbers will continue gradually, they will continue to bake in the productivity benefits that Gen AI will bake in, and I would request Subha to add from our perspective, how does she see this journey to unfold that.

是的。所以吉里什，我們還沒有看到這一點。但正如你已經知道的那樣，每一項競爭性交易都伴隨著對同比生產率數據的某些假設，這些數字將逐漸持續下去，它們將繼續融入 Gen AI 將帶來的生產率優勢，我請求 Subha 從我們的角度補充一下，她如何看待這段展開這一旅程的過程。

Thank you, Jatin. So Girish, we feel that Gen AI is a fundamental shift in how any business would do business on operate. So what does that mean? It means that we will see greater and greater efficiencies and productivity in every sector and every vertical. And it will also translate into how our business will run more efficiently moving forward. As we have begin to ramp up adoption of this technology across every business process, every technology stack and every offering and every interaction we have with our customers. So yes, there will be productivity gains for our customers. We hope to drive them for them -- drive it for them, but we also see significant productivity gains for our business as well going forward.

謝謝你，賈廷。因此，Girish，我們認為 Gen AI 是任何企業運營方式的根本性轉變。那麼這意味著什麼呢？這意味著我們將看到每個部門和每個垂直領域的效率和生產力越來越高。它還將轉化為我們的業務如何更有效地向前發展。隨著我們開始在每個業務流程、每個技術堆棧、每項產品以及我們與客戶的每一次互動中加大對這項技術的採用。所以，是的，我們的客戶的生產力將會提高。我們希望為他們提供動力——為他們提供動力，但我們也看到我們業務的生產力在未來也將顯著提高。

We have a next question from the line of Abhishek Kumar from JM Financial.

我們有來自 JM Financial 的 Abhishek Kumar 的下一個問題。

I wanted to understand the assumptions. That has gone into our guidance for the next quarter. I think last quarter, if I remember right, we mentioned that some of the clients had already intimated us about certain ramp downs and the impact was to be felt in 1Q. So our sense is that, that probably is in the base quarter now. So what is driving another sort of at least at the lower end, another sequential decline for the next quarter? Have we seen more such intimations coming our way on project ramp-downs continuing?

我想了解這些假設。這已納入我們下一季度的指導。我想上個季度，如果我沒記錯的話，我們提到一些客戶已經向我們暗示了某些減產的情況，影響將在第一季度感受到。所以我們的感覺是，現在可能處於基數季度。那麼，是什麼推動了下個季度的另一種至少是低端的連續下降呢？我們是否看到更多此類關於項目持續縮減的暗示？

Abhishek. So if you look at the guidance for Q2, it's actually showing, I would say, a slight improvement over Q1, right? And so what I think we are saying is uncertainty remains. There's no deterioration. Now we stay a bit cautious because of the uncertainty right? And that's how we see the quarter 2 for us.

阿布舍克。因此，如果您查看第二季度的指導，我想說，它實際上比第一季度略有改善，對嗎？所以我認為我們所說的是不確定性仍然存在。沒有惡化。現在由於不確定性，我們保持有點謹慎，對吧？這就是我們對第二季度的看法。

Sure. So in terms of how the last quarter panned out, was there any stabilization towards the second half of the quarter or the weakness sort of persisted through the quarter?

當然。那麼，就上個季度的表現而言，本季度下半年是否出現企穩，或者整個季度持續疲軟？

This is a difficult question. I'm not sure I can answer. I mean it's too early to tell, right? You cannot make a trend based on 20 or 30 days. So I don't think I'm in a position or Jatin or anybody here is to tell you that based on the last 30 days, we can see a trend. I think it's -- this is the -- the reality with the context of uncertainty is that precisely, it's a little bit erratic. And so some industries certainly are more cautious than others, banking, financial services, technology, you see that. I mean technology have reduced.

這是一個很難的問題。我不確定我能回答。我的意思是現在說還為時過早，對吧？您無法根據 20 或 30 天做出趨勢。因此，我認為我、Jatin 或這裡的任何人都無法告訴您，根據過去 30 天的情況，我們可以看到一種趨勢。我認為，在不確定性的背景下，現實是，確切地說，它有點不穩定。所以有些行業肯定比其他行業更加謹慎，比如銀行、金融服務、科技，你看。我的意思是技術已經減少了。

There are actually some technology companies have been going through several waves of layoffs. So there's a bit of a slowdown on the technology side after several years of stronger acceleration of investments. Comms is also a sector where we are seeing that. Some other sectors, healthcare, energy utilities are sectors that are actually probably investing more and less cautious, if you like. So this is the context. The (inaudible) it is that you're probably going to have to wait for some more months before really getting the confirmation that the market has rebounded for good.

實際上有一些科技公司已經經歷了幾波裁員潮。因此，經過幾年強勁的投資加速之後，技術方面出現了一些放緩。通訊領域也是我們所看到的。如果你願意的話，其他一些行業，例如醫療保健、能源公用事業，實際上可能會更加謹慎地進行投資。這就是上下文。 （聽不清）你可能還需要再等幾個月才能真正得到市場已經永久反彈的確認。

We have a next question from the line of Ravi Menon from Macquarie.

我們有來自麥格理的拉維·梅農 (Ravi Menon) 的下一個問題。

Thierry, just wanted to understand your reorganization of the 4 global business lines if I look at consulting is still separate. So I would have thought that this is a good opportunity to and then consulting more deeply and try to increase the cross-sell for that. Could you explain the rationale or the launch behind the reorg?

蒂埃里（Thierry），只是想了解一下您對 4 個全球業務線的重組，如果我看一下諮詢仍然是獨立的。因此，我認為這是一個很好的機會，可以進行更深入的諮詢並嘗試增加交叉銷售。您能否解釋一下重組的理由或啟動背後的原因？

Okay. All right. Ravi, so I'll try to -- I have a 1-hour version of the answer, but I'll try to be concise. So back in late 2020, when we implemented our operating model with SMUs and GBLs, we decided because this organization has never gone through a metric setup, we felt that it needed to be extremely simple for it to be rapidly implementable. And that's what we did. And that's why we went with 2 GBLs, IDs and ICO.

好的。好的。 Ravi，所以我會嘗試——我有一個 1 小時版本的答案，但我會盡量簡潔。因此，早在 2020 年底，當我們使用 SMU 和 GBL 實施我們的運營模型時，我們決定，因為該組織從未經歷過指標設置，所以我們認為它需要非常簡單才能快速實施。這就是我們所做的。這就是我們選擇 2 GBL、ID 和 ICO 的原因。

What possibly we could not anticipate at that time is the speed of the growth we would experience in those 2 GBLs in 2 years. 45% growth met those 2 GBLs, massively bigger than what we had anticipated when we launched the model. In parallel, the level of maturity of our organization to work with SMUs and GBL working together in a very integrated model has dramatically progressed.

當時我們可能無法預料到這 2 個 GBL 在 2 年內會經歷怎樣的增長速度。 45% 的增長達到了 2 GBL，大大超出了我們推出該模型時的預期。與此同時，我們組織與 SMU 和 GBL 在高度集成的模式中合作的成熟度也取得了顯著進步。

And finally, we have seen -- we have really listened to our clients, and we've seen a couple of things. One, the fact that we've done great in engineering, and it was maybe time for engineering to just fly on its own a little more, right? Because we have a fabulous potential at Wipro to really be a leader in engineering even more.

最後，我們看到——我們真正聽取了客戶的意見，並且我們看到了一些事情。第一，我們在工程方面做得很好，也許是時候讓工程進一步獨立發展了，對吧？因為 Wipro 擁有巨大的潛力，可以真正成為工程領域的領導者。

Second was the fact that more and more our clients were expecting from us that we come to them with a comprehensive cloud strategy addressing both, infrastructure and applications, without dissociating between those two different dimensions. And I think we felt that by combining those two components into what we call now a FullStride cloud services would make us more impactful and more competitive and more just able to better respond to their expectations.

其次，越來越多的客戶期望我們為他們提供全面的雲戰略，解決基礎設施和應用程序的問題，同時又不區分這兩個不同的維度。我認為我們認為，通過將這兩個組件合併到我們現在所說的 FullStride 雲服務中，將使我們更具影響力、更具競爭力，並且更能夠更好地響應他們的期望。

Third, as you said, we've made acquisitions in consulting. We also had a consulting business and you know by experience that consulting is -- needs to be at the forefront of the market, so it needs to be as close as possible to the accounts and to the clients. They also need to be very closely connected to the other GBLs because basically, every global business line, every offerings need to work hand in hand with our consultants. But at the same time, they need to be managed differently, because consultants operate under different operating model and different ways of working.

第三，正如您所說，我們在諮詢領域進行了收購。我們還有諮詢業務，根據經驗，您知道諮詢需要走在市場的最前沿，因此需要盡可能靠近客戶和客戶。他們還需要與其他 GBL 保持非常密切的聯繫，因為基本上，每個全球業務線、每個產品都需要與我們的顧問攜手合作。但與此同時，他們需要進行不同的管理，因為顧問在不同的運營模式和不同的工作方式下運作。

And I have a deep understanding of this business, and it is -- clearly, the objective was to create this platform -- this consulting platform for the future of Wipro. And finally, our fourth GBL is what we call enterprise featuring. That's actually combining different type of businesses, DOP, data and a digital experience that have as part of their evolution and applications, obviously, the necessity to leverage artificial intelligence in everything they do.

我對這項業務有深入的了解，很明顯，我們的目標是創建這個平台——這個為 Wipro 的未來提供諮詢的平台。最後，我們的第四個 GBL 就是我們所說的企業特色。這實際上結合了不同類型的業務、DOP、數據和數字體驗，作為其發展和應用的一部分，顯然，有必要在他們所做的一切中利用人工智能。

And so those 4 GBLs have been put in place on April 1. It means that we are already in operation under this model for the last 3 months. And it's impressive. I'm going to share with you something. It's been working so smoothly, this new model that I almost forgot to mention that we had just done it to the Board a few hours ago. It says a lot about how seamless this implementation has been. And for sure, the intention is to increase our impact in the market with our clients, and at the same time, streamline our operations and reduce the layers, if you like, between our teams operating and our clients.

因此，這 4 個 GBL 已於 4 月 1 日到位。這意味著我們已經在過去 3 個月內在此模式下運行。這令人印象深刻。我要和你分享一些東西。這個新模型運行得非常順利，我幾乎忘記提及我們幾個小時前剛剛向董事會完成了它。它充分說明了此實施的無縫性。當然，我們的目的是提高我們對客戶的市場影響力，同時簡化我們的運營並減少我們的運營團隊和客戶之間的層級（如果您願意的話）。

And if I look at the kind of deals that you're announcing, it looks like (inaudible) started doing more complex deals and more if I might call outcome-oriented deals where it's -- there is some risk transfers and you actually get paid for a transfer of risk along -- that allows you to, I guess, make better margins than a simple lift and shift.

如果我看看你宣布的交易類型，看起來（聽不清）開始做更複雜的交易，如果我可以稱之為以結果為導向的交易的話，它會發生更多的交易——有一些風險轉移，你實際上得到了報酬風險轉移——我想，這可以讓你比簡單的提升和轉移獲得更好的利潤。

Completely agreed, and this is exactly our strategy that we've laid out 3 years ago. And we're executing against that quarter after quarter.

完全同意，這正是我們三年前製定的戰略。我們正在一個又一個季度地執行。

We have a next question from the line of Dipesh Mehta from Emkay Global.

我們有來自 Emkay Global 的 Dipesh Mehta 的下一個問題。

A couple of questions. First about the -- if you can provide, Thierry, some update about the global account executive program and empowerment which you earlier suggested is the key focus area. So if you can give some update where we are in that journey.

有幾個問題。首先，蒂埃里，如果您能提供有關全球客戶執行計劃和授權的一些最新信息，您之前建議這是重點關注領域。因此，您能否提供一些我們在此過程中的最新進展。

Second question is about the 4 service line, which you said if you can provide some update, I think in terms of growth, how the traction is happening, which area you're seeing more weakness compared to others. So if you can provide some sense about those 4 service lines.

第二個問題是關於 4 號服務線，你說如果你能提供一些更新，我認為在增長方面，牽引力是如何發生的，與其他領域相比，你看到哪個領域有更多的弱點。那麼您能否提供一些關於這 4 條服務線的信息。

Last question is for Jatin about EBIT margin as per now. I think earlier we used to say 70 is what we aspire to reach sooner. So if you can give some sense about how you expect that EBIT margin is certainly to play out?

最後一個問題是向 Jatin 詢問目前的息稅前利潤率。我想早些時候我們常說70歲是我們渴望早點達到的目標。那麼，您能否說明一下您對息稅前利潤率的預期？

Okay. So I'm going to let Jatin address the question 3, and then I'll come back for question 1 and 2, okay?

好的。所以我要讓 Jatin 解決問題 3，然後我再回來解決問題 1 和 2，好嗎？

Yes. So Dipesh, clearly, we had mentioned that 17%, 17.5% is a medium-term outlook that we have for our business, but that -- and that ambition remains. We will continue to work towards that. However, we need to manage the short term. And in the short term, there is volatility in the market and uncertainty in the revenue line. And that does come -- that does impact our ability to drive the improvements that we want to drive. I hope you appreciate that we have been able to deliver a very strong execution in quarter 1 that despite the volatility in revenue, we have delivered a flattish operating margin for quarter 1, and that journey and focus will continue to move towards that medium-term goal. It will -- it won't be an immediate outcome that one would be able to drive towards. But I think we have right building blocks in place to move towards that goal. I will hand it over back to...

是的。因此，Dipesh，顯然，我們曾提到 17%、17.5% 是我們對業務的中期展望，但這一目標仍然存在。我們將繼續為此努力。然而，我們需要管理短期。而且短期來看，市場存在波動，收入線存在不確定性。這確實會發生——這確實會影響我們推動我們想要推動的改進的能力。我希望您能理解我們在第一季度的執行力非常強勁，儘管收入存在波動，但我們在第一季度實現了持平的營業利潤率，並且這一歷程和重點將繼續朝著中期方向發展目標。它將——這不會是人們能夠立即實現的結果。但我認為我們已經具備了實現這一目標的正確基礎。我會把它還給...

Yes. Jatin. Thank you. So the first question -- the 2 questions, sorry. First one was around GA program. So as part of our strategy back in 2020, we decided that we would have a very account-focused strategy. We would choose the industry we want to have a position in. We would choose the markets where we want to establish our position, grow and really invest long term. And in these accounts, we wanted to grow this account not only in volume but also in value, so in impact basically.

是的。賈廷。謝謝。第一個問題——兩個問題，抱歉。第一個是關於 GA 計劃的。因此，作為 2020 年戰略的一部分，我們決定制定一個以客戶為中心的戰略。我們會選擇我們想要佔據一席之地的行業。我們會選擇我們想要建立我們的地位、發展並真正進行長期投資的市場。在這些賬戶中，我們不僅希望增加數量，還希望增加價值，因此基本上是提高影響力。

With the clear ambition to be not only in IT provider but actually a true transformation partner for our clients. As part of this ambition, we have decided to invest into all account executive. Those GAs, we renamed it to really send the signal inside the team that as a GA, you are a toll leader of the account you're managing. You're the CEO of the account you're running. You're representing we pro for the account, and we must all align behind you in your account strategy.

我們的明確目標是不僅成為 IT 提供商，而且實際上成為客戶真正的轉型合作夥伴。作為這一雄心壯志的一部分，我們決定對所有客戶經理進行投資。我們將這些 GA 重新命名為在團隊內部真正發出這樣的信號：作為 GA，您是您所管理的帳戶的收費負責人。您是您所運營的帳戶的首席執行官。您代表我們是該帳戶的專業人士，我們必須在您的帳戶策略中與您保持一致。

Frankly, this has triggered -- this has fueled the growth over the last 3 years. I said a few minutes ago that the number of $100 million account has gone from 10% to 21% in the last 2.5 years. And I think it's a reflection of that. We have now a lot more accounts of over $100 million. We have a lot more $50 million account, and we continue this strategy. In fact, we reduced the tail of accounts to have less account but more impact in these accounts, we invest more. And as you said, we empowered the GAs, the account executive to really drive and have the possibility to make decisions, invest and grow those relationships but also make sure that we are positioned as a true partner in those accounts.

坦率地說，這已經引發了——這推動了過去三年的增長。我幾分鐘前說過，在過去的2.5年裡，1億美元賬戶的數量已經從10%上升到21%。我認為這反映了這一點。我們現在擁有更多超過 1 億美元的賬戶。我們還有更多 5000 萬美元的賬戶，我們將繼續這一策略。事實上，我們減少了賬戶的尾部，以減少賬戶數量，但在這些賬戶中產生更大的影響，我們投資更多。正如您所說，我們授權 GA（客戶經理）真正推動並有可能做出決策、投資和發展這些關係，同時也確保我們被定位為這些客戶的真正合作夥伴。

Finally, you -- as part of this program, I mean, we've onboarded a lot of talent. We have today a significant diversity inside our organization. And in particular, in the account executive team as well, which is driving a lot of positive impact inside our organization every day beyond those accounts. The second point you had was the service lines. So the 4 service lines, the performance of the 4 service line, Jatin, you want to say something?

最後，我的意思是，作為這個計劃的一部分，我們已經招募了很多人才。今天，我們的組織內部具有顯著的多樣性。特別是在客戶執行團隊中，除了這些客戶之外，他們每天都在我們的組織內部產生許多積極的影響。第二點是服務熱線。那麼4服線，4服線的表現，Jatin，你有什麼想說的嗎？

Yes. So Dipesh, as you know, we -- like most of our competitors, we no longer publish the actual financial performance of these 4 service lines. But suffice to say that except for consulting where we have talked about the impact or a slower growth that we have seen, rest of the service line continue to perform very well and in line with the overall growth of the company.

是的。因此，迪佩什（Dipesh），如您所知，我們與大多數競爭對手一樣，我們不再發布這 4 個服務線的實際財務業績。但可以說的是，除了我們談到的影響或我們所看到的增長放緩的諮詢之外，其他服務線繼續表現良好，並且與公司的整體增長保持一致。

We have a next question from the line of Mukul Garg from Motilal Oswal Financial Services.

我們有來自 Motilal Oswal Financial Services 的 Mukul Garg 的下一個問題。

Thierry, I just wanted to clarify regarding the $1 billion investments, which you guys have announced in Gen AI. Can you give some sense on where the majority of this investment will be routed to? Is it something which you guys will primarily invest into tools, which you will build out on using AI? Or is this something where a big portion will kind of end up supporting employees who are trained in that. And hence, the compensations will be higher than what you are currently kind of giving? Or is there something else where this investment will kind of be consumed given the quantum of the number?

Thierry，我只是想澄清一下你們在 Gen AI 中宣布的 10 億美元投資。您能透露一下大部分投資將流向何處嗎？你們主要投資於工具，並使用人工智能來構建工具嗎？或者說，很大一部分最終會支持接受過這方面培訓的員工。因此，補償會比你目前給予的要高？或者考慮到這個數字的數量，這筆投資還會被消耗在其他什麼地方嗎？

And second, Jatin, if you can just help us understand how to look at this investment, it will pass through your balance sheet through capitalization? Or will you be expensing this out in income statement? And if it is an income statement item, can this be an incremental expenditure on top of what you are currently doing?

其次，Jatin，如果您能幫助我們了解如何看待這項投資，它將通過資本化通過您的資產負債表？或者您會在損益表中將其費用化嗎？如果它是損益表項目，這是否可以是您當前所做的事情之外的增量支出？

So we have a very comprehensive plan, of course, behind the $1 billion coolant. It includes -- it's about investing into solutions, into assets, into accelerators, into capabilities into methods, and it's across the organization. It's also about training. There's a lot of aspects of these investments and of course, as well, M&A. Jatin?

當然，在 10 億美元冷卻劑的背後，我們有一個非常全面的計劃。它包括對解決方案、資產、加速器、能力、方法的投資，而且是整個組織的投資。這也與培訓有關。這些投資涉及很多方面，當然還有併購。賈廷？

And Mukul, I think just as Thierry described various streams of investment, I think the accounting treatment will follow those streams for period cost, of course, that would be expensed, but large programs, which could have future benefits to organization over the years would be capitalized. And of course, M&A would be accounted as per the merger and acquisition accounting policy.

Mukul，我認為正如蒂埃里描述的各種投資流一樣，我認為會計處理將遵循這些流的期間成本，當然，這將被費用化，但大型項目可能會在未來幾年為組織帶來好處須大寫。當然，併購將按照併購會計政策進行會計處理。

So it would follow the overall approach, but it is not incremental dollar spend in and all the expense lines will remain what they are, as Thierry discussed or described earlier on this call, this would be funded through the gains on operations that we will make. So in that sense, it should not be seen or modeled as an incremental large P&L hit that you will take over the years.

因此，它將遵循總體方法，但不會增加美元支出，所有費用項目將保持原樣，正如蒂埃里早些時候在本次電話會議上討論或描述的那樣，這將通過我們將獲得的運營收益來資助。因此，從這個意義上說，它不應該被視為或建模為您將在未來幾年內承受的增量巨大損益打擊。

It's absolutely. There's no -- it's not outside of our margin profile, for sure. I just want to add one thing. I realize I forgot 2 things. It's also about investing in research in platform. And also, you know that with that, we have Wipro ventures, right? Wipro ventures carries today. About 2/3 of the investments of Wipro Ventures are in the AI field. So we'll continue, because it's incredibly important as well to continue to go after cutting-edge start-ups through Wipro Ventures. Over to you, Mukul.

絕對是的。沒有——當然，這不超出我們的利潤範圍。我只想補充一件事。我意識到我忘記了兩件事。它還涉及對平台研究的投資。而且，你知道我們有了 Wipro 合資企業，對嗎？ Wipro Ventures 今日開業。 Wipro Ventures約2/3的投資都在AI領域。所以我們會繼續，因為繼續通過 Wipro Ventures 尋找尖端初創企業也非常重要。交給你了，穆庫爾。

Ladies and gentlemen, that was the last question for today. I would now like to hand the conference back to Mr. Dipak Kumar Bohra for closing comments. Over to you, sir.

女士們、先生們，這是今天的最後一個問題。現在我想將會議交還給迪帕克·庫馬爾·博赫拉 (Dipak Kumar Bohra) 先生進行總結評論。交給你了，先生。

Thank you all for joining the call. In case we could not take any questions due to time constraints, please feel free to reach to the Investor Relations team. Have a nice evening. Thank you.

感謝大家加入通話。如果由於時間限制我們無法回答任何問題，請隨時聯繫投資者關係團隊。祝你今晚愉快。謝謝。

Thank you. On behalf of Wipro Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

謝謝。我謹代表 Wipro Limited 結束本次會議。感謝您加入我們，您現在可以斷開線路了。